Pirelli will open two plants in Russia
04 december 2009
During the conference dedicated to the results of the third quarter, the chairman of Pirelli, Marco Tronchetti Provera, confirmed that the company will open two plants in Russia.
The first plant will be acquired, while the second will be a completely new industrial complex.
"We are already close to acquiring a fairly new plant," noted Marco Tronchetti Provera. "We cannot specify the exact timing, as this is a rather complex procedure, but we can say for sure that within the first six months of next year we will be able to complete this deal."
According to information from various sources, Pirelli may acquire a currently mothballed plant belonging to the bankrupt Amtel-Group, formerly known as Amtel-Vredestein. Russian media have also reported that the company is considering the possibility of purchasing a plant in Kirov or Voronezh.
The second investment project of Pirelli in Russia will be the construction of a new plant for the production of truck tires. "We are currently settling all bureaucratic formalities, but the construction of the new plant will not begin until the second half of next year. We are confident that the Russian market will begin to recover by the end of 2010 - early 2011, so we hope that by that time we will be able to launch production within the country."
Not so long ago, Pirelli signed an agreement with the state corporation "Rostekhnologii" to create a joint venture with an initial annual capacity of 4.2 million tires per year. The plant will be built in the Samara region, and approximately 250 million euros will be spent on its construction. During the conference, Mr. Provera noted that in 2010, Pirelli's investment volumes "will not exceed 50 million euros".
Recall that on November 6, Marco Tronchetti Provera and the general director of "Rostekhnologii", Sergei Chemezov, signed an agreement under which production will begin by the end of 2010.
The first plant will be acquired, while the second will be a completely new industrial complex.
"We are already close to acquiring a fairly new plant," noted Marco Tronchetti Provera. "We cannot specify the exact timing, as this is a rather complex procedure, but we can say for sure that within the first six months of next year we will be able to complete this deal."
According to information from various sources, Pirelli may acquire a currently mothballed plant belonging to the bankrupt Amtel-Group, formerly known as Amtel-Vredestein. Russian media have also reported that the company is considering the possibility of purchasing a plant in Kirov or Voronezh.
The second investment project of Pirelli in Russia will be the construction of a new plant for the production of truck tires. "We are currently settling all bureaucratic formalities, but the construction of the new plant will not begin until the second half of next year. We are confident that the Russian market will begin to recover by the end of 2010 - early 2011, so we hope that by that time we will be able to launch production within the country."
Not so long ago, Pirelli signed an agreement with the state corporation "Rostekhnologii" to create a joint venture with an initial annual capacity of 4.2 million tires per year. The plant will be built in the Samara region, and approximately 250 million euros will be spent on its construction. During the conference, Mr. Provera noted that in 2010, Pirelli's investment volumes "will not exceed 50 million euros".
Recall that on November 6, Marco Tronchetti Provera and the general director of "Rostekhnologii", Sergei Chemezov, signed an agreement under which production will begin by the end of 2010.